This past weekend saw Bitcoin prices slip below the significant $68,000 mark. This decline coincides with the US dollar posting its steepest weekly gain in a year, signaling a strengthening greenback that often puts pressure on riskier assets like cryptocurrencies. Major altcoins also felt the pinch, with Solana down 4% and Ethereum falling 4.4% on Friday. Compounding the sentiment, Glassnode data reveals that a substantial 43% of Bitcoin's total supply is now sitting at a loss, a stark indicator of the current market's headwinds.
Adding to the uncertainty in the crypto space, the concept of a US Strategic Bitcoin Reserve, a proposal championed by former President Donald Trump, appears to be languishing. Despite initial enthusiasm, the executive order to establish such a reserve has been awaiting congressional action. Sources suggest that dwindling options remain for this initiative in 2026. The lack of concrete progress on this front removes a potential bullish catalyst that some in the market had been anticipating.
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